Lesser-known high-potential tech stocks are a great way to invest in a growing stock market powered by Nvidia (NASDAQ:NVDA). The chip giant is a big reason why the ended the first quarter with five months of gains in a row. With three potential rate cuts, expect the fun to continue.
After the market closed on Wednesday, the tech giant posted better-than-expected earnings for the fiscal first quarter, which sent the stock up by 7% , with the and the particularly gaining attention.
Unfortunately, Nvidia has only one flaw: at about 39 times forward price-to-earnings it costs .
Since the Nasdaq 100 index hitting an , now is a good time to buy lesser-known high-potential tech stocks with strong buy ratings, helping you profit from the market’s excitement about Nvidia.
One contender among lesser-known high-potential tech stocks is rising thanks to its work with NASA in the realm of space exploration. Despite regulatory constraints and the fourth Bitcoin (BTC-USD) halving, another attractive stock is financially resilient. Lastly, a strong pick is improving artificial intelligence (AI) product development and financial performance.
Intuitive Machines (LUNR)
Intuitive Machines (NASDAQ:LUNR), part of NASA’s Artemis program, is on track to launch its Nova-C rover, which will bring research supplies to the moon’s surface.
Part of NASA’s Commercial Lunar Payload Services program, the deal between the company and NASA is worth $77 million. The contract’s first flight will happen in the fourth quarter of 2024, on the south pole of the moon.
The European Space Agency and the Japan Aerospace Exploration Agency Intuitive Machines to create tools for the moon. These include sharing technology know-how to make moon landers more useful and pooling $50 million to pay for them.
Intuitive Machines in a Series C round led by Space Capital. The money will fund the Nova-C lunar robot and speed up research in self-driving activities on the moon.
Thanks to better self-navigation, can land correctly within a 100-meter circle, and can take 100 kilograms of business and research tools. With the new landing design, it costs 20% less to send one kilogram of stuff to the moon. No wonder analysts are projecting a 103% upside for LUNR.
CleanSpark (CLSK)
CleanSpark (NASDAQ: CLSK) is after President Biden ordered that a Bitcoin mining plant near Warren Air Force Base in Wyoming stop working immediately, citing national security concerns.
The presidential order came right after CleanSpark said it would buy the mining sites from MineOne, a Chinese company. CLSK is in two bitcoin mining sites in Wyoming to add 75 megawatts of power capacity. Once fully operational, this move aims to boost mining capacity by over four exahashes per second (EH/s).
CleanSpark didn’t know about the executive order before the deal but plans to proceed with the sale despite the new problems. However, this compounded issues in a year that also saw the fourth Bitcoin halving. As of the last update, mining difficulty is up 1.48%, with at 612.18 EH/s.
Nevertheless, with GAAP earnings per share of 58 cents and sales of $111.8 million for the second quarter of 2024, CleanSpark exceeded predictions. in Mississippi and Georgia, its current hashrate is more than 17 EH/s. Despite the president’s directive, a top indicates 56% upside, although Bitcoin’s meteoric rise means the upside is never capped.
FiscalNote Holdings (NOTE)
Even though FiscalNote (NYSE:NOTE), a penny stock that uses AI to help businesses and groups, missed earnings by 10% in Q1 2024, , according to analyst estimates.
Even though NOTE suffered a 10% earnings miss in the quarter, the report still had many good points. For example, in a row that adjusted EBITDA has been positive and FiscalNote’s net income was $50.6 million, compared to a net loss of $19.3 million last year, with the for up to $103 million helping pay off $65.7 million in senior debt.
On the subject of AI, FiscalNote OpenAI, Google, and Microsoft (NASDAQ:MSFT) to improve their solutions. It’s developing AI Copilots to automate and streamline legal, regulatory and policy workflow processes. The FiscalNoteGPT and Copilot Creator Reasoning Engine launches demonstrate this.
StressLens, a tool that reads the human side of communications from global decision-makers, and the Global Intelligence Copilot, an AI assistant that integrates 1,500 experts’ research , are exciting releases. FiscalNote plans to launch additional products this year.
FiscalNote plans to in 2025 by improving its products, streamlining operations and expanding in major markets like Europe.
On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
